Mt. Prospect adjusts budget numbers to reflect capital projects
Mount Prospect trustees approved amendments to the 2015 budget this week, mainly to account for carry-over items from 2014.
The board on Monday approved increasing the budget for revenues by $1.5 million and expenditures by $8.2 million.
On the revenue side, the amendment reflects an accounting change, whereby the library's debt service is now being included in the village's debt service budget, rather than a separate library debt fund.
The library has its separate levy, but state statutes require the village to be a conduit for the library's tax levy.
As for the increase in expenditures, they consist mainly of capital projects budgeted in the Water and Sewer, Downtown Redevelopment, Flood Control, Capital Improvement and Vehicle Replacement Funds.
Adjustments in the Water and Sewer Fund include the automatic meter reading devices for commercial/industrial accounts, totaling $769,000, combined sewer improvements totaling $620,000 and emergency generator installation for the village's backup wells totaling $484,000.
Finance Director David Erb said the money for the expenditures is currently sitting in reserves.
"It's not new money," Erb said after the meeting. "We're just pulling the money from last year's budget, which we had accounted for."
Trustee A. John Korn said a significant part of the carry-over is for the Isabella sewer improvement project, which was delayed in its engineering by the severe weather over the winter.
The total village budget is $124 million as amended, whereas it was $115 million.